MANILA, Philippines — Malayan Insurance Co. Inc. has once again booked the highest gross premiums written (GPW) among non-life insurance companies in 2017, securing its position as a market leader in the industry for the 48th straight year.
Citing the latest industry data from the Insurance Commission (IC), Malayan Insurance said it ranked as the number one non-life insurer in the Philippines last year in terms of GPW, as well as assets.
These rankings are based on the 2017 annual reports and financial statements submitted by non-life and general insurance companies operating in the country.
In 2017, Malayan Insurance’s GPW rose by six percent to P9.6 billion from P9.05 billion in the previous year. GPW is the combination of premiums written on direct business and the assumed premiums from unauthorized companies.
“With a significant lead over the next insurer, Malayan Insurance has been the dominant non-life insurer of Philippine businesses and families for 48 years,” the company said in a statement.
The non-life insurer also registered the highest total assets among industry players amounting to P38.81 billion, which is more than double its assets of P19.06 billion in 2016. The firm rose to the top spot from being ranked second in 2016.
Malayan Insurance is the only Philippine non-life insurance company rated by AM Best, a global rating authority for the insurance industry.
The company retained its title of “Most Stable Non-life Insurer” in 2018 from AM Best. The rating agency also affirmed the B++ (good) financial strength rating, BBB+ insurer credit rating, and stable outlook for Malayan Insurance.
Just this year, Malayan Insurance introduced new products and services into the local market with the launch of its Travelite budget travel insurance, and Motomax motorcycle insurance, an affordable total-loss only cover for the growing motorcycle market.
The non-life insurance industry reported total gross premiums written amounting to P71.51 billion in 2017, 11.02 percent down from P80.37 billion in the previous year.
Earlier, Insurance commissioner Dennis Funa expressed confidence the insurance industry would be able to register positive growth despite a high inflationary environment.